The Office deal is getting even better!
I love it when happens!
Now that we are under contract for our new HQ after winning on our price negotiation, we entered due diligence. Thus far in due diligence, we found that their rents are a little higher than their initial rent roll. Insurance quote came $15,000 below what they were currently paying. And we've already lined up another tenant to take the rest of the office space putting us at 100% occupancy at Close.
In addition, I had budgeted for landscaping, it turns out there's an HOA for all three office buildings in this complex, but we own 75% of the HOA automatically win every vote and decide the budget every year. So all of the other tenants cover the cost of the exterior maintenance and landscaping. Coming in at around a day 1 cap rate of 8 with significant upside.
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The Office deal is getting even better!
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